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Is Age Just a Number: The Performance of Emerging Fixed-Income Managers

Lorenzo Newsome and Pamela A Turner
The Journal of Investing Spring 2009, 18 (1) 115-125; DOI: https://doi.org/10.3905/JOI.2009.18.1.115
Lorenzo Newsome
is chief investment officer at Xavier Capital Management in Largo, MD. lnewsome@xaviercapital.com
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Pamela A Turner
is an assistant professor of finance at Howard University School of Business in Washington, DC, and principal at Xavier Capital Management in Largo, MD.
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Abstract

This article provides an analysis of performance for emerging long-only U.S. fixed income firms that manage domestic products. The term “emerging” is typically used to define firms with assets under management (AUM) of $2 billion or less. We look at emerging firms not based on AUM but rather by age. We investigate the returns of younger fixed income firms versus those with longer tenures. Our sample consists of fixed-income core and high-yield managers with monthly returns data from January 1985 to December 2007. By isolating age as opposed to AUM as the primary variable, we are truly able to look at firms who are just starting out. We find that younger firms perform better than older firms. Gross returns for both fixed-income core and high-yield managers are statistically significantly higher for firms in their first five years versus firms in their second five years. We also present evidence that the business risk for investors who are hesitant about emerging fixed-income managers is generally unsupported. Additionally, we show that a portfolio composed of emerging fixed-income managers can deliver alpha.

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The Journal of Investing
Vol. 18, Issue 1
Spring 2009
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Is Age Just a Number: The Performance of Emerging Fixed-Income Managers
Lorenzo Newsome, Pamela A Turner
The Journal of Investing Feb 2009, 18 (1) 115-125; DOI: 10.3905/JOI.2009.18.1.115

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Is Age Just a Number: The Performance of Emerging Fixed-Income Managers
Lorenzo Newsome, Pamela A Turner
The Journal of Investing Feb 2009, 18 (1) 115-125; DOI: 10.3905/JOI.2009.18.1.115
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